Noble Financial Keeps Evoke Pharma (EVOK) at 'Hold' Following Q2 Numbers; Still Awaiting Development Plans

August 16, 2016 8:43 AM EDT
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Price: $1.91 --0%

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    5 Buy, 3 Hold, 1 Sell

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Noble Financial affirms Evoke Pharma (Nasdaq: EVOK) with a Hold rating following Q2 results issued Monday night.

Analyst Nathan Cali noted the following on Tuesday:

  • Operational costs incrementally lower. August 15th, 2016, reported second quarter financial results; no revenues as expected; SG&A $802,655 slightly lower than our $1.1 million estimate, decreasing full year SG&A expense estimate from $4.4 million to $4.1 million
  • R&D spend lower on trial completion. R&D expenses of $2.1 million, higher than our $1.7 million estimate due to Phase III Gimoti® trial completion; maintain full year R&D estimates of $6.1 million
  • Primary endpoint missed, quarter blemished. Phase III top-line data was inconsistent with prior, statistically significant Phase IIb results; 28 of 41 site locations displayed a week 4 p-value of p=0.006 for the Gimoti® group; however, 13 site locations displayed a week 4 pvalue of p=0.002 for the placebo group (placebo better than Gimoti® group in symptom reduction)
  • Company currently in talks with FDA on how to proceed with future advancements towards potential FDA approval; analysis ongoing of data from Phase III Gimoti trial

For an analyst ratings summary and ratings history on Evoke Pharma click here. For more ratings news on Evoke Pharma click here.

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